Notification of changes to Terms & Conditions – April 2026
Notification of changes to Terms & Conditions of HFMC Wealth and key providers
Transact – What Happens Upon Notification of Death
When Transact receives written notification of a client’s death:
- All adviser and discretionary manager payments will stop for assets not jointly held.
- All regular contributions and withdrawals on solely owned accounts will cease.
- Transact will remove the link between your accounts and any Discretionary Fund Manager associated with your accounts, so they will no longer be able to manage and rebalance your assets.
This reflects the termination of the adviser–client agreement on death for non joint assets.
How HFMC Wealth Can Support Your Executors
We understand that estate administration can feel overwhelming for families. While we cannot continue investment advice after a client’s passing without a new Executor Client Agreement, our team can:
- Provide financial information required for probate.
- Explain each investment manager’s position and permitted actions before probate.
- Help executors understand changes to portfolio management post death.
- Offer additional administrative support if requested (e.g., liaising with providers, guiding executors through estate related financial processes).
This support is optional and can be tailored to your family’s needs.
Investment Decisions During Probate
Executors’ powers are restricted by law and differ from those of trustees:
- Executors are responsible for collecting the estate, settling debts/taxes, and distributing assets—not ongoing investment management.
- They should prioritise capital preservation and avoid unnecessary risks.
- Continuing investments without assessing suitability could expose executors to personal liability for losses.
In most cases, this means executors cannot continue active investing unless expressly authorised.
HMRC guidance confirms that executor duties are temporary and administrative, whereas trustees manage assets long term.
Fees During the Probate Period
If executors choose to engage HFMC Wealth for administrative support:
- Adviser fees cannot normally be taken from the deceased’s account.
- Fees may instead be paid by:
– a beneficiary pension (pre April 2027),
– an executor’s own portfolio, or
– external invoicing to the estate.
